Egypt’s Cred Developments has organized a media tour for several journalists and media professionals inside the CLM, the company’s first project in the New Administrative City (NAC) to inspect the latest developments in the project in terms of deliveries and construction updates. CLM project is situated on an area of 43 feddan with total investments of EGP 5.6bn.
The company has delivered 200 units out of a total of 478 units in this phase, in addition to preparing the deliverable of all units in the 1stt phase along with 100 units in 2nd phase of the project. Simultaneously, work on the project is progressing rapidly to complete all its phases, with construction and building processes commencing in the third and fourth phases of the project.
Cred has also contracted with two construction companies alongside MIG, the sister company to finish all stages of CLM within the specified timelines.
To achieve this, the company has focused all its efforts on completing the various construction stages of the project by investing over EGP 800m allocated for the implementation operations during 2024, with the expectation that the investment volume will reach EGP 1bn by the end of the year.
The company has also developed a comprehensive plan to complete the project, including allocating EGP 1.2bn as investments in CLM during the next year, 2025. In terms of sales, Cred has achieved sales worth EGP 3.6bn from the project, having sold 86% of its units and still retaining 15% of the total project units that have not been marketed yet.
Ahmed Mansour, the CEO of Cred, along with several senior engineers working on the project, made care to provide the media representatives with a thorough rundown of all the goings-on at the CLM project site. They highlighted the efforts made by the team to complete the numerous construction works across the four stages with full commitment to quality, efficiency, and the specified implementation timelines.
Mansour commented: “From the beginning, we have been working with a clear vision based on credibility and transparency in our activities at Cred. Throughout the past six years, you have witnessed all our steps and been at the forefront of recognizing all our achievements and the progress made in our various projects.”
“You have been with us since the launch of CLM, witnessing its different implementation stages. Today, we are here together to see the extent of the achievement reached by the project, the completion of its 1st phase, which started actual deliveries last year, and our commitment to completing all project stages, demonstrating our full focus on implementation operations and timely delivery. Sustaining the provision of a product with global standards in line with the project located in one of the most significant national projects, NAC, the capital of the new republic, and a hub for investors from inside and outside Egypt,” Mansour continued.
CLM project is located in one of the most vital locations in the NAC, in R7, comprising 1,800 residential units and 250 administrative and commercial units (Castle Gate). The project consists of four stages and will be sold over five phases.
